Baring to acquire 45 pc stake in JRG Securities
Baring India will acquire 44.8 per cent stake in brokerage house JRG Securities for 35 million dollar through a preferential issue.
By PTI |
MUMBAI: Baring India will acquire 44.8 per cent stake in brokerage house JRG Securities for 35 million dollar through a preferential issue.
The deal is subject to approvals from the Securities and Exchange Board of India (SEBI), shareholders and other regulatory authorities.
The Board of Directors on Friday approved the investment proposal for further consent of shareholders, JRG Securities said in communique to the Bombay Stock Exchange (BSE).
"The investment will held us consolidate our position in the retail investment segment while surging ahead in other areas of stock and commodity broking and other financial services," JRG Securities Chairman T M Venkataraman said.
The paid-up share capital of the company would increase to Rs 23.17 crore after the proposed preferential allotment from the existing Rs 12.79 crore.
Venkataraman further said, "The investment would also help us expand out network. We also plan to strengthen our operations across India and the Middle East."
Shares of JRG Securities today closed at Rs 58.70, down 9.97 per cent, on the BSE.
The deal is subject to approvals from the Securities and Exchange Board of India (SEBI), shareholders and other regulatory authorities.
The Board of Directors on Friday approved the investment proposal for further consent of shareholders, JRG Securities said in communique to the Bombay Stock Exchange (BSE).
"The investment will held us consolidate our position in the retail investment segment while surging ahead in other areas of stock and commodity broking and other financial services," JRG Securities Chairman T M Venkataraman said.
The paid-up share capital of the company would increase to Rs 23.17 crore after the proposed preferential allotment from the existing Rs 12.79 crore.
Venkataraman further said, "The investment would also help us expand out network. We also plan to strengthen our operations across India and the Middle East."
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Shares of JRG Securities today closed at Rs 58.70, down 9.97 per cent, on the BSE.
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